Non-brokered offering will finance exploration and drilling activities
By Devika Patel
Knoxville, Tenn., Dec. 9 - Traverse Energy Ltd. said it raised C$2.01 million in the first tranche of its C$2.02 million non-brokered private placement of stock. The deal priced on Nov. 19.
The company is selling 2.4 million flow-through common shares at C$0.84 apiece. The price per share is a 12% premium to C$0.75, the Nov. 18 closing share price. Traverse sold 2,391,250 shares in the first tranche.
Proceeds will be used for exploration and drilling activities in Alberta.
Traverse, based in Calgary, Alta., is a junior oil and gas exploration and production company.
| Issuer: | Traverse Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$2,016,000
|
| Shares: | 2.4 million
|
| Price: | C$0.84
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 9 (for C$2,008,650)
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.75 at close Nov. 18
|
| Market capitalization: | C$39.61 million
|
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